TORONTO, ONTARIO--(Marketwired - June 16, 2015) - EnerCare Inc. (TSX:ECI) announced today that its wholly-owned subsidiary, EnerCare Connections Inc. (together with EnerCare Inc., "EnerCare"), has entered into a definitive arrangement agreement (the "Arrangement Agreement") with Triacta Power Technologies Inc. ("Triacta") and certain shareholder representatives, pursuant to which EnerCare will acquire all of the issued and outstanding shares of Triacta (the "Acquisition"), through a plan of arrangement under the Ontario Business Corporations Act. Triacta, headquartered outside Ottawa, Canada, is a leader in the design and manufacturing of advanced, utility-grade energy management meters for multi-unit residential, commercial and institutional applications. Triacta's primary markets are the U.S. and Canada. EnerCare uses Triacta's products extensively and has a large installed base of Triacta meters. The purchase price for the Acquisition is $7.5 million, subject to certain working capital and other adjustments set forth in the Arrangement Agreement and payment in full by Triacta of its existing indebtedness upon closing. EnerCare will pay the purchase price using cash on hand. Completion of the Acquisition is subject to a number of conditions and other risks and uncertainties, including receipt of approval of the plan of arrangement by two-thirds of Triacta's shareholders and approval of the Ontario Superior Court of Justice. As of the date hereof, shareholders holding more than two-thirds of the issued and outstanding shares have executed support agreements pursuant to which they have agreed to support the plan of arrangement. Closing is anticipated to occur in the third quarter of 2015.
The acquisition of Triacta supports EnerCare's co ntinued leadership in energy conservation solutions. It gives EnerCare a more diverse product offering with presence in markets outside Canada and in new applications.
- EnerCare has agreed to acquire all of the issued and outstanding shares of Ottawa-based Triacta, an industry leader in sub-metering and multi-point metering technologies.
- Acquisition reinforces EnerCare's commitment to the growth of the sub-metering market through innovation and improved value for our customers.
- Triacta will continue to offer its range of industry-leading sub-metering hardware and software and focus on growth with EnerCare's additional resources.
- Acquisition of Triacta will increase EnerCare's presence outside Canada and in new market segments.
"The purchase of Triacta continues EnerCare's commitment to offering our customers a suite of industry-leading products and solutions that will allow them to more effectively manage electricity, heating and cooling, and water use in commercial, residential, institutional, government and industrial market sectors," said Ross Garland, Senior Vice President and General Manager, Sub-metering of EnerCare. "Triacta represents the best of Canadian ingenuity and innovation in the multi-point metering market and we look forward to continuing this proud tradition."
Under EnerCare's ownership, Triacta will continue to offer the same range of hardware, complete with software that combines meter management, automated data co llection, powerful analysis tools and flexible billing capabilities.
"Triacta and each one of our employees bring a passion to delivering cutting edge products and services to our customers," said Wes Biggs, President and Chief Executive Office of Triacta. "We are pleased to join the EnerCare family and look forward to leveraging its resources to drive growth in the sub-metering business on a North American scale."
Cautionary Note Regarding Forward-Looking Statements
Certain statements in this news release are forward-looking statements, which reflect management's expectation regarding EnerCare's growth, results of operations, performance, business prospects and opportunities. Such forward-looking information reflects management's current beliefs and is based on information available to them and/or assumptions management believes are reasonable. Many factors could cause results to differ materially from the results discussed in the forward-looking information. Although forward-looking statements contained in this news release are based upon what management believes are reasonable assumptions, there can be no assurance that actual results will be consistent with these forward-looking statements. Accordingly, readers should not place undue reliance on such forward-looking statements and assumptions as management cannot provide assurance that actual results or developments will be realized or, even if substantially realized, that they will have the expected consequences to, or effects on, EnerCare. These forward-looking statements are subject to change as a result of new information, future events or ot her circumstances in which case they will only be updated by EnerCare where required by law.
About EnerCare and EnerCare Connections
EnerCare is one of Canada's largest home and commercial services companies with more than 900 employees. EnerCare provides water heaters, furnaces, air conditioners and other HVAC rental products, protection plans and related services to approximately 1.1 million customers. EnerCare also owns EnerCare Connections Inc., a leading sub-meter provider, with metering contracts for condominium and apartment suites in Ontario, Alberta and elsewhere in Canada.
Additional information regarding EnerCare is available on SEDAR at www.sedar.com or through EnerCare's investor relations website at www.enercareinc.com or www.enercare.ca.
Source: EnerCare Inc.